Family takaful projected to grow by 160%
The global family of takaful market is projected to grow by over 160% in the next five years to hit US$5 billion (RM16.02 billion), World Takaful Conference CEO David McLean said recently. Though the bottom line profitability on the general takaful front is facing stiff competition, at a global level, the growth in family takaful continues to outweigh the growth observed in both general takaful and conventional life insurance. The contributions from Malaysia make up around 56% of the total global family takaful contributions. Recent reports indicate that the Malaysian takaful industry is expected to grow by 20% per annum for the next two years as consumer acceptance grows and regulatory changes provide a stronger and more stable infrastructure for the Shariah-compliant insurance industry.
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